WTI Breaks to 4-Month High

WTI breaks to 4-month high after the rate of oil supply falling below expectations, helping support CAD and drive USDCAD lower


Commodity (WTI) Trading Account?

I had previously argued an upside break due to the fact we had seen an increasing amount of large speculators initiate long positions, whilst the futures curve was in contango (prices priced higher further into the future).

We could argue that this confirms a Double Bottom pattern but at this stage I will keep my targets reserved. We need to break convincingly above $60 for the Double Bottom pattern to stand any chance of hitting the projected $66.23 target.

Going into Europe WTI appears keen to break to new highs, with a break above $57.65 targeting $59.38-$60. Also note we are now within a bullish channel, with the upper resistance channel suggesting $60 to be hit in three sessions.

We have a host of US data over the next couple of days so any string data should see a retracement on WTI and other commodities. Therefor we can be on the lookout for retracements towards the original $55 breakout level and potential bullish signals to enter long next week.

Let’s get started...

Broker Rating Markets Available Fees Open an Account
Kawase Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 3.60 /5
(15 votes cast)
Shares, Indices, Forex and Oil Spread From 0.1 and 0.2% Commission Visit Website
Plus500 Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 4.48 /5
(452 votes cast)
Stocks, Commodities, Indices and Forex. Zero commissions. No monthly fees. $10 USD fee for unused account for a period of three months. Visit Website
MaxFx Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 4.70 /5
(89 votes cast)
Indices, Forex, Metals, Shares From 0.1 Raw Interbank Spread Visit Website

Related Articles


Greece to Dominate Sentiment


FX Trade

Risk warning: Your capital may be at risk. CFD trading is suitable for experienced traders and not beginners.